GW's net loss for fiscal 2006 widens 59%

The UK's GW Pharmaceuticals says that its net loss for the 12 months ended September 30, 2006, widened 58.7% on the like, year-ago period, to L11.9 million ($23.4 million), but the firm stressed that this was in line with expectations. GW noted that its balance sheet was strengthened with net cash inflow for the year of L6.8 million, aided by Almirall's L12.0 million signature fee for the commercialization of Sativex (Marketletter May 22, 2006), which is to be recognised over the next 15 years.

The Porton Down-based firm said that its revenues during the period totaled L2.0 million, including L1.3 million relating to commercial sales of Sativex, its cannabinoid spray medicine.

GW's operating highlights during the period included a Sativex regulatory submission filed in four European countries for the relief of spasticity in multiple sclerosis (Marketletter September 11, 2006), as well as a submission filed in Canada to extend approval to the treatment of cancer pain.